FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Required information [The following information applies to the questions displayed below.] Ethan Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Ethan Allen's June 30, 2019, trial balance. (The amounts shown represent millions of dollars.) Accounts Payable Accounts Receivable Cash Common Stock Equipment Inventory Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent Retained Earnings Salaries and Wages Payable Software $ 93 14 21 363 245 162 23 9 19 1 21 49 Assume that the following events occurred in the following quarter. a. Paid $10 cash for additional inventory. b. Issued additional shares of common stock for $20 in cash. c. Purchased equipment for $170; paid $15 in cash and signed a note to pay the remaining $155 in two years. d. Signed a short-term note to borrow $10 cash. e. Conducted negotiations to purchase a sawmill, which is expected to cost $36.
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Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Ethan Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Ethan Allen's June 30, 2019, trial balance. (The amounts shown represent millions of dollars.) Accounts Payable Accounts Receivable Cash Common Stock Equipment Inventory Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent Retained Earnings Salaries and Wages Payable Software $ 93 14 21 363 245 162 23 9 19 1 21 49 Assume that the following events occurred in the following quarter. a. Paid $10 cash for additional inventory. b. Issued additional shares of common stock for $20 in cash. c. Purchased equipment for $170; paid $15 in cash and signed a note to pay the remaining $155 in two years. d. Signed a short-term note to borrow $10 cash. e. Conducted negotiations to purchase a sawmill, which is expected to cost $36.
2. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) PPPPP Cash Assets Inventory Equipment Liabilities Notes Payable (short-term) Notes Payable (long-term) Stockholders' Equity Common Stock
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Transcribed Image Text:2. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) PPPPP Cash Assets Inventory Equipment Liabilities Notes Payable (short-term) Notes Payable (long-term) Stockholders' Equity Common Stock
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